Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices 55811 

1Based on the average annual salary for a 

Compliance Manager based inside New York City 

of about $69,000, as reflected in SIA Management 

and Professional Earnings for 2005, modified to 

account for an 1,800-hour work-year and multiplied 

by 5.35 to account for bonuses, firm size, employee 

benefits and overhead. 

(44 U.S.C. 3501 et seq.) the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget these 

requests for extension of the previously 

approved collections of information 

discussed below. 

Form T–6 (17 CFR 269.9) is a 

statement of eligibility and qualification 

for a foreign corporate trustee under the 

Trust Indenture Act of 1939 (15 U.S.C. 

77aaa et seq.). Form T–6 provides the 

basis for determining if a trustee is 

qualified. Form T–6 is filed on occasion. 

The information collected must be filed 

with the Commission and is publicly 

available. Form T–6 takes 

approximately 17 burden hours per 

response and is filed by 1 respondent. 

We estimate that 25% of the 17 total 

burden hours (4 hours) is prepared by 

the filer. The remaining 75% of burden 

hours is prepared by outside counsel. 

Form 11–K (17 CFR 249.311) is the 

annual report designed for use by 

employee stock purchase, savings and 

similar plans. Form 11–K provides 

employees with financial information so 

that they can assess the performance of 

the investment vehicle in which their 

money is invested. Form 11–K is filed 

on occasion. The information collected 

must be filed with the Commission and 

is publicly available. Form 11–K takes 

approximately 30 burden hours per 

response and is filed by 2,000 

respondents for total of 60,000 burden 

hours. 

Form 144 (17 CFR 239.144) is used to 

report the sale of securities during any 

three-month period that exceeds 500 

shares or other units or has an aggregate 

sales price in excess of $10,000. Form 

144 operates in conjunction with Rule 

144. If the information collection was 

not required, the objectives of the rule 

could not be met. The information 

collected must be filed with the 

Commission and is publicly available. 

Form 144 takes approximately 2 burden 

hours per response and is filed by 

60,500 respondents for a total of 121,000 

total burden hours. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Written comments regarding the 

above information should be directed to 

the following persons: (i) Desk Officer 

for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or send an email to David_Rostker@omb.eop.gov; 

and (ii) R. Corey Booth, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Shirley 

Martinson, 6432 General Green Way, 

Alexandria, Virginia 22312; or send an 

e-mail to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days of this notice. 

Dated: September 18, 2006. 

Nancy M. Morris, 

Secretary. 

[FR Doc. 06–8135 Filed 9–22–06; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Rule 15c3–4; SEC File No. 270–441; OMB 

Control No. 3235–0497. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 15c3–4 (17 CFR 240.15c3–4) (the 

‘‘Rule’’) under the Securities Exchange 

Act of 1934 (15 U.S.C. 78a et seq.) (the 

‘‘Exchange Act’’) requires certain 

broker-dealers that are registered with 

the Commission as OTC Derivatives 

Dealers to establish, document, and 

maintain a system of internal risk 

management controls. The Rule sets 

forth the basic elements for an OTC 

Derivatives Dealer to consider and 

include when establishing, 

documenting, and reviewing its internal 

risk management control system, which 

are designed to, among other things, 

ensure the integrity of an OTC 

Derivatives Dealer’s risk measurement, 

monitoring, and management process, to 

clarify accountability at the appropriate 

organizational level, and to define the 

permitted scope of the dealer’s activities 

and level of risk. The Rule also requires 

that management of an OTC Derivatives 

Dealer must periodically review, in 

accordance with written procedures, the 

OTC Derivatives Dealer’s business 

activities for consistency with its risk 

management guidelines. 

The staff estimates that that the 

average amount of time an OTC 

Derivatives Dealer will spend 

implementing its risk management 

control system is 2,000 hours and that, 

on average, an OTC Derivatives Dealer 

will spend approximately 200 hours 

each year reviewing and updating its 

risk management control system. 

Currently, five firms are registered with 

the Commission as an OTC Derivatives 

Dealer. The staff estimates that 

approximately one additional OTC 

Derivatives Dealer may become 

registered within the next three years. 

Accordingly, the staff estimates the total 

hour burden for six OTC Derivatives 

Dealers to be 1,200 hours annually. 

The staff believes that the cost of 

complying with Rule 15c3–4 will be 

approximately $205 per hour.1 This per 

hour cost is based upon an annual 

average hourly salary for a compliance 

manager who would be responsible for 

ensuring compliance with the 

requirements of Rule 15c3–4. The total 

annual cost for all affected OTC 

Derivatives Dealers is estimated to be 

$246,000, based on 1,200 hours at $205 

per hour. 

The records required to be made by 

OTC Derivatives Dealers pursuant to the 

Rule and the results of the periodic 

reviews conducted under paragraph (d) 

of Rule 15c3–4 must be preserved under 

Rule 17a–4 of the Exchange Act (17 CFR 

240.17a–4) for a period of not less than 

three years, the first two years in an 

accessible place. The Commission will 

not generally publish or make available 

to any person notice or reports received 

pursuant to the Rule. The statutory basis 

for the Commission’s refusal to disclose 

such information to the public is the 

exemption contained in Section (b)(4) of 

the Freedom of Information Act, 5 

U.S.C. 552, which essentially provides 

that the requirement of public 

dissemination does not apply to 

commercial or financial information 

which is privileged or confidential. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Comments should be directed to (i) 

the Desk Officer for the SEC, Desk 

Officer for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or by sending an 

e-mail to: David_Rostker@omb.eop.gov; 


rwilkins on PROD1PC63 with NOTICES
55812 Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices 

and (ii) R. Corey Booth, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, Virginia 22312 or send an email to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days of this notice. 

Dated: September 18, 2006. 

Nancy M. Morris, 

Secretary. 

[FR Doc. 06–8136 Filed 9–22–06; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Rule 17a–11 SEC File No. 270–94 OMB 

Control No. 3235–0085 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for an extension of the 

previously approved collection of 

information discussed below. 

In response to an operational crisis in 

the securities industry between 1967 

and 1970, the Securities and Exchange 

Commission (‘‘Commission’’) adopted 

Rule 17a–11 (17 CFR 240.17a–11) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’) on 

July 11, 1971. The Rule requires brokerdealers that are experiencing financial 

or operational difficulties to provide 

notice to the Commission, the brokerdealer’s designated examining authority 

(‘‘DEA’’), and the Commodity Futures 

Trading Commission (‘‘CFTC’’) if the 

broker-dealer is registered with the 

CFTC as a futures commission 

merchant. Rule 17a–11 is an integral 

part of the Commission’s financial 

responsibility program which enables 

the Commission, a broker-dealer’s DEA, 

and the CFTC to increase surveillance of 

a broker-dealer experiencing difficulties 

and to obtain any additional 

information necessary to gauge the 

broker-dealer’s financial or operational 

condition. 

Rule 17a–11 also requires over-thecounter (‘‘OTC’’) derivatives dealers and 

broker-dealers that are permitted to 

compute net capital pursuant to 

Appendix E to Exchange Act Rule 15c3–

1 to notify the Commission when their 

tentative net capital drops below certain 

levels. OTC derivatives dealers must 

also provide notice to the Commission 

of backtesting exceptions identified 

pursuant to Appendix F of Rule 15c3–

1 (17 CFR 240.15c3–1f). 

Compliance with the Rule is 

mandatory. The Commission will 

generally not publish or make available 

to any person notice or reports received 

pursuant to Rule 17a–11. The 

Commission believes that information 

obtained under Rule 17a–11 relates to a 

condition report prepared for the use of 

the Commission, other Federal 

governmental authorities, and securities 

industry self-regulatory organizations 

responsible for the regulation or 

supervision of financial institutions. 

Only broker-dealers whose capital 

declines below certain specified levels 

or who are otherwise experiencing 

financial or operational problems have a 

reporting burden under Rule 17a–11. In 

2005, the Commission received 

approximately 600 notices under this 

Rule. The Commission did not receive 

any Rule 17a–11 notices from OTC 

derivatives dealers or broker-dealers 

that are permitted to compute net 

capital pursuant to Appendix E to 

Exchange Act Rule 15c3–1. 

Each broker-dealer reporting pursuant 

to Rule 17a–11 will spend 

approximately one hour preparing and 

transmitting the notice required by the 

Rule. Accordingly, the total estimated 

annualized burden under Rule 17a–11 is 

600 hours. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Comments regarding the estimated 

burden hours should be directed to: (i) 

The Desk Officer for the Securities and 

Exchange Commission, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, 

Room 10102, New Executive Office 

Building, Washington, DC 20503 or by 

e-mail to David_Rostker@omb.eop.gov; 

and (ii) R. Corey Booth, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, VA 22312, or by e-mail to 

PRA_Mailbox@sec.gov. Comments must 

be submitted to the Office of 

Management and Budget within 30 days 

of this notice. 

Dated: September 18, 2006. 

Nancy M. Morris, 

Secretary. 

[FR Doc. 06–8137 Filed 9–22–06; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

27485; 812–13302] 

Northwestern Mutual Series Fund, Inc. 

and Mason Street Advisors, LLC; 

Notice of Application 

September 19, 2006. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from section 15(a) of the Act and rule 

18–2 under the Act, as well as certain 

disclosure requirements. 

SUMMARY OF APPLICATION: Applicants 

request an order that would permit them 

to enter into and materially amend subadvisory agreements without 

shareholder approval and would grant 

relief from certain disclosure 

requirements. 

APPLICANTS: Northwestern Mutual Series 

Fund, Inc. (the ‘‘Company’’) and Mason 

Street Advisors, LLC (the ‘‘Adviser’’). 

FILING DATES: The application was filed 

on June 14, 2006, and amended on 

September 8, 2006. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on October 16, 2006, and 

should be accompanied by proof of 

service on the applicants, in the form of 

an affidavit or, for lawyers, a certificate 

of service. Hearing requests should state 

the nature of the writer’s interest, the 

reason for the request, and the issues 

contested. Persons may request 

notification of a hearing by writing to 

the Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549–

1090. Applicants, c/o Randy Pavlick, 

Esq., Northwestern Mutual Series Fund, 

Inc., 720 East Wisconsin Avenue, 

Milwaukee, WI 53202. 

FOR FURTHER INFORMATION CONTACT: 

Stacy L. Fuller, Branch Chief, at (202) 


rwilkins on PROD1PC63 with NOTICES